Trade and Industrial Policy in Developing Countries: A Manual of Policy Analysis

Trade and Industrial Policy in Developing Countries
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Industrial Policy of INDIA 1948,56,77,80,90 & 91 भारत की औद्योगिक नीति (1991)

Can I get a copy? Can I view this online? Ask a librarian. Tiwari General issues of industrial policy. Aboriginal, Torres Strait Islander and other First Nations people are advised that this catalogue contains names, recordings and images of deceased people and other content that may be culturally sensitive. Book , Online - Google Books. Greenaway, David.

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Add to Wishlist. USD Overview Combines trade policy theory with ways of measuring the effects of policy interventions, and identifies the main strengths and weaknesses of different economic approaches to measure the structure of the costs of production. The book offers empirical evidence and a review of case study experience. In , the IMF established side by side with its Compensatory Financing Facility CFF a cereal-import financing scheme with the purpose of providing financial assistance to countries suffering from excess cereal-import cost see Box 6.

The purchase of food under the scheme can be combined with other food imports.

Trade And Industrial Policy In Developing Countries

This offers the possibility of adjusting food imports to changing volumes of food needed for stabilising food supplies. Credit facilities to finance food imports are likely to be a more cost-effective form of stabilising food supplies in comparison to the costs of building up and maintaining a buffer stock for the same purpose.

It should, however, be kept in mind that external finance of food imports, although at favourable terms, contributes to increased foreign indebtedness and represents basically a consumption credit that must be serviced with future export earnings.

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This applies specifically to credits from the IMF that are, according to current practice, not the subject of foreign debt release. This may be different if credits are obtained from bilateral official donors. Financial assistance can help mitigate food deficits from both sides: by increasing food production as well as the effective demand of poor and vulnerable groups. On the production side , financial assistance plays a highly important role in all cases where financial constraints inhibit a more effective and efficient use of existing production potentials.

This refers, in principle, to almost all measures listed in Table 5. Financial assistance provides the financial basis to implement policy measures in these various fields, possibly side by side with complementary technical assistance see section 2. The effects of such approaches are discussed in relation to Figures 5. Financial assistance can also contribute to directly diminishing demand deficits , if used to finance investments that raise incomes of poor and vulnerable groups. Priority fields are measures aiming to raise the productivity and incomes of small-scale farmers as well as to create and enhance employment and income opportunities in urban and rural areas.

External finance can also be used to support cost-effective measures of targeted assistance, such as subsidies or distribution of production inputs, health and education services, or food and nutrition programmes e. FFW projects, social security nets, feeding programmes, see section 3 of Chapter 5. Meanwhile such approaches constitute essential elements of adjustment programmes. To the extent that financial assistance is provided not as grant but as credit, the provisos mentioned above still hold; although external credits may be on favourable terms, they contribute to increased indebtedness and have to be paid from future export earnings.

Sources of external finances are international financial institutions such as IMF and World Bank, bilateral public donors, as well as private commercial banks. The credit conditions in terms of interests and amortisation vary significantly, depending on the credit source, the conditions on the international monetary market, the state of the economy of the recipient country, and the purpose of credit financing.

IMF and World Bank play a pivotal role, not only as sources of external finance e.

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Ideally, the conditionalities of adjustment lending should provide the basis for sustainable growth with equity, in turn for the alleviation of chronic food insecurity. Even if fully effective there are certain reservations as to this point, see section 9 of Chapter 4 , this can, however, only be achieved to the extent that the causes of food insecurity have been internal development constraints that can be tackled with internal policy changes and supported with external assistance. International Trade and Food Security 4.

Food supplies can be stabilised and increased by food imports, the import of productive resources can help increase domestic food production and supplies, export production generates employment and income for large segments of the population, and the foreign exchange proceeds from exports provide for the capacity of a country to buy on the world market what it needs.

The importance of trade policies for food security was recognized by the World Food Summit and is reflected in Commitment No. In principle, according to the theory of comparative advantage that is usually cited to demonstrate the benefits of trade, international trade should increase development opportunities and welfare for all participants.

Trade and industrial policy in developing countries : a manual of policy analysis

However, some fundamental assumptions of the theory apparently do not apply in practice. International trade is characterised by major imbalances, and the benefits from trade are unequally distributed. The increase has mainly been on the account of industrial countries which hold a share of more than 70 percent of the world exports, while the share in world exports of the developing countries excluding OPEC amounts to 15 percent.

Trade among the industrial countries absorbs more than 50 percent of international trade volume, while trade among developing countries without OPEC only accounts for about 3 percent of international trade.

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The main export markets of the developing countries are the industrial countries which absorb about two thirds of their exports. The expansion of international trade volume has been accompanied by a change in composition. While the share of manufactured good has increased continuously and amounts to about 75 percent by now, the share of primary commodities agricultural products, fuel and minerals has decreased. Primary products account for more than half of the exports of developing countries but less than 20 percent of the exports of the industrial counties.

Many developing countries mainly depend on the export of one or two primary commodities.

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In essence, the structure of international trade of developing countries is characterised by a dependency on exports of primary commodities to industrial countries on the one side, and on imports of manufactured products from the industrial countries. This structure has a number of unfortunate implications.

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The world markets for raw products are largely saturated. Therefore, increased production can only be absorbed at decreasing world market prices. Such tendencies are reinforced by new technologies which are less dependent on raw materials. Due to limited alternatives of export diversification, there is strong competition among the exporters of primary commodities, compounding the tendencies of price decreases. Exports of primary commodities are, in price and volume, largely dependent on the economic situation in the industrial countries.

Highly fluctuating prices and volumes in exports stand against a relatively inflexibly demand for imports of industrial products. In the production of primary commodities, the scope to compensate price reductions by increased production efficiency is limited and lower than in the case of industrial production. Exports at low world market prices of primary commodities can only be maintained if wages are kept low. This is possible if a high number of un- and under-employed people a typical feature of many developing countries exerts a downward pressure on wage levels.

Low export prices go hand in hand with low levels of household incomes. All these factors together are responsible for the unfavourable position of many developing countries in the international trade system. These are the reasons for their declining share in international trade and the worsening terms of trade see Box 6.

During the period to , the relative prices of primary commodities excluding fuel decreased by almost 50 percent in relation to the prices of industrial goods Commodity Terms of Trade. Declining Terms of Trade and highly fluctuating export prices and volumes have substantial repercussions for the food security situation of the affected countries and their populations.

These factors affect the financial capacity of the countries to import the food they need in order to stabilise and to increase internal market supplies, and they contribute to the low levels of household income. Reasons for the worsening position of many developing countries are not only the "invisible hand of the market" that distributes the gains from international trade according to differences in market power, but also protection policies pursued by industrial as well as developing countries.

A wide range of tariff- and non-tariff barriers are imposed on external trade transactions. Protection contradicts the ideal and the growth and welfare prospects of a free international trade system. Although earlier GATT Agreements had already brought about a substantial reduction of tariff barriers on a world-wide level, certain sectors, such as agriculture and textiles which are specifically interesting for the economies of developing countries and the issue of non-tariff barriers had hardly been addressed before.

These issues have been included in the last Uruguay Round Agreement, in addition to agreement on further tariff cuts. Another important element in the Agreement is the differential treatment of developed and developing countries, giving the latter certain preferences as to the reduction of import duties and a longer period of transition for implementing the policies see Box 6. A first visible step of putting the Uruguay Round Agreement into practice was the establishment of the World Trade Organization WTO in , in replacement of the former GATT Secretariat, with the mandate to further promote international trade and to supervise implementation of the GATT Agreements and the trade conduct of the member states.

The Final Act of the Uruguay Round covers a wide variety of subjects which will be highly important for the world economy and the economies of the developing countries. From a food security perspective, the Agreement on Agriculture is most significant. The major provisions made in the Agreement refer to the following issues: Market access : As an initial step, non-tariff barriers e. Then, within six years starting in , tariffs should be reduced by 36 percent on average by the developed countries, and 24 percent by the developing countries.

In addition, provisions are made to ensure minimum access opportunities. Domestic support : The members of GATT are committed to reduce domestic support of agriculture, by 20 percent in the case of developed countries over the period and by There are, however, many exemptions from this commitment, for example expenditures for research, training , extension, marketing and promotion, infrastructure, investment support, regional assistance.

Comment: If a country wishes to continue with its domestic support policies it can probably find one or more justifications in the exemption list. Export subsidies are to be reduced by 21 percent in terms of the volume of exports benefiting from such subsidies, and by 36 percent of the expenditures on export subsidies over the period This regulation largely concerns the export subsidies applied by developed countries, in order to dispose of surpluses.

There are also some provisions made on food aid , e.

Trade and industrial policy in developing countries : a manual of policy analysis

Comprehensive coverage of trade policy theory for the developing world. Trade and industrial policy in developing countries: a manual of policy analysis. Combines trade policy theory with ways of measuring the effects of policy Trade and Industrial Policy in Developing Countries: A Manual of Policy Analysis.

What are the implications of the provisions of the Uruguay Round Negotiations for development and food security?